topic Moving a business from a home dedicated space to a purchased commercial building in Business & farm

Moving a business from a home dedicated space to a purchased commercial building

MissouriLady — Mon, 10 Feb 2020 01:20:58 GMT

My daughter has a quilting business in a dedicated space at her home and bought a commercial building in 2019 and changed the business name. Do I need to separate the two on Schedule C's? Close out the home space Schedule C and do a new one for the new business name and address?

Re: Moving a business from a home dedicated space to a purchased commercial building

JohnW222 — Mon, 10 Feb 2020 01:41:20 GMT

There’s no actual need file two Schedules C in your daughter’s situation. The business activity should be the same, so one schedule is fine.

Re: Moving a business from a home dedicated space to a purchased commercial building

MissouriLady — Mon, 10 Feb 2020 01:47:55 GMT

So it is ok to change the business name and address on the Schedule C? The business is the same, just change of name and location.

Re: Moving a business from a home dedicated space to a purchased commercial building

VictorW9 — Mon, 10 Feb 2020 01:53:40 GMT

Yes, it's okay. There should be no problem in changing address and name in your schedule C as long as it is the same business activity as the previous.